understand that the credit union must give a member the new integrated Loan
Estimate form (effective October 3, 2015) three days after the member applies
for a mortgage loan. Will the definition
of “application” change under the new rules going into effect next summer?
After October 3rd, 2015, a credit union will have received a
mortgage application when the member has provided the following six pieces of
member’s social security number (to obtain a credit report),
estimate of the value of the property, and
mortgage loan amount requested.
rule eliminates the seventh catch-all item in the current definition of
application, which is “any other information deemed necessary by the loan
originator.” The CFPB notes that this
new definition does not prevent a creditor from collecting any additional
information in relation to the mortgage loan, however, once a creditor has
received these six pieces of information the Loan Estimate requirements are
more information on the new TILA/RESPA Integrated Disclosure rule, see CUNA’s Compliance Highlights.